Defence
- The world defence industry is a significant sector that manufactures and sells weapons and military technology to governments and their armed forces. The industry is dominated by a few large multinational corporations, with the United States being the leading player. Here are some key points about the world defence industry:
- Global Revenue: The global defence industry generated a total revenue of $485,508 million in 2021, with an average revenue growth of 7.1%.
- Arms Exports: The United States, Russia, France, China, and Germany are the top five arms exporters in the world, accounting for 76% of global arms exports in 2018-2022.
- Small Arms Trade: The Small Arms Survey estimates that 875 million small arms circulate worldwide, produced by more than 1,000 companies from nearly 100 countries.
- Industry Development: The modern arms industry emerged in the second half of the 19th century as a product of the creation and expansion of the first large military-industrial companies.
Overview
- Market size
- The defence market revenue is estimated to be around USD 750 billion in 2022, with a projected increase to USD 1,388 billion by 2030 with a CAGR of around 8.2%
- Challenges:
- Geopolitical tensions
- Supply chain issues
- Technological advancements
- Budgetary pressure